Thousands of people are about to lose their jobs. JPMorgan Chase, one of the country’s largest banks, as far as assets are concerned, will be slashing off 8,000 jobs in its consumer and community banking divisions this year. This move by the bank represents a 20 percent reduction, as projected, in its total branch staff from 2011 to 2015. This happened right after the bank’s branch level has laid off 7,000 workers in the past two years.
This plan was revealed by company officials during its investor day conference, which is a part of a branch overhaul, helping it become more efficient in utilizing modern-day technologies for routine banking transactions. JPMorgan attributed these planned job cuts as it responds to the growing “customer self-service trends”. However, it didn’t take long for the bank officials to admit that these moves are also driven by the drop in its mortgage financing business. The bank says that the steadily rising interest rates for mortgage have slowed down the trend of home refinancing transactions in the recent years. JPMorgan insisted however, that its branch network is an important line of business for them; mentioning the addition of more branches in the recent years.
Job Cut Aftermath
With thousands of Americans about to lose their jobs, this will definitely affect their respective state unemployment rates which haven’t seen much positive movement lately. While this is not indicative of a trend, the news that a huge company like Chase cutting jobs is something that will make you worry. This clearly means 8,000 families having to tighten their belts to make both ends meet.
What Laid Off Workers Must Do
These people who are about to lose their jobs have the right to get severance packages to help them recuperate from such loss. Moreover, you have to be laid off your job because of the right reasons. Being laid off because of your age, race, gender, religion, genetic information, and other unacceptable reasons is a violation of anti-discrimination laws(read more). If you have been a victim of such forms of discrimination, you should immediately seek the help of an employment law attorney to help you file a claim to get compensation for the injustice that you have been made to go through.